China debt rising at "alarming pace" - bank official
Last updated 13:54, May 2 2017
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Chinese local authorities are trying to cool the country's heated housing market to reduce debt leverage but results have been mixed.
China's level of leverage and debt is rising at an "alarming pace", particularly in the finance sector, a senior central bank official said in a commentary, amid growing concern by the country's senior leaders over financial security.
The official Xinhua news agency on Monday cited Xu Zhong, head of the People's Bank of China's (PBOC) research bureau, as saying the country needed to deleverage at a "proper pace" to reduce financial sector debt and avoid systemic financial risk.
"China's overall leverage level is reasonable but is rising at an alarming pace, especially in the financial sector," Xu said. The original commentary was published in business journal Caijing Magazine.
READ MORE: http://www.stuff.co.nz/business/92133145/china-debt-rising-at-alarming-pace--bank-official
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